Quiz: Howstuffworks

The Ultimate Free Credit Report Quiz

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About This Quiz

Even if you pay your bills on time, your credit score could suffer due to mistakes on your credit report. Keeping your report accurate can make the difference between getting the car or house you've always wanted, or having your loan application denied. Do you know how to get a free copy of your credit report? Take our quiz and find out how.

What percentage of Americans know what a credit score represents?

less than 15 percent

about 30 percent

50 percent or more

A poll conducted by the Chicago Sun Times found that just under 30 percent of Americans understand what a credit score is.

Why is your credit score important?

The governments gives tax breaks to people with high credit scores.

Companies base salaries on credit scores.

Banks use credit scores to decide whether to approve a loan request.

Your credit score will determine whether you can get a loan. It can also effect whether you get certain jobs.

How many major companies are there that report credit histories?

3

7

10

There are three major companies that report credit histories: Equifax, Experian, and TransUnion.

A credit score is called a FICO score. What does FICO stand for?

Fair Isaac Corporation

Fiscal Initiative Complex

Financial Incentive and Cooperation

The company that developed the FICO scoring model is called the Fair Isaac Corporation.

What are the ranges of a FICO score?

0 - 1000

300 - 850

500 - 750

The bottom of the credit ladder, according to FICO, is 300, while the top is 850. A score above 750 is considered strong enough to get most loans.

In which year did Equifax first issue its all-purpose credit score?

1917

1945

1989

Though credit records have been around in some form for a long time, the FICO system became a global standard when Equifax released its reports in 1989.

Approximately how many credit reports are produced each year by the three credit companies?

10 million

100 million

1 billion

As many as 4.5 billion credit facts are reported per month, which amounts to nearly 50 billion facts per year. These facts are the basis for over one billion annual credit reports.

How do potential lenders get a copy of your credit report?

They have a legal right to a free copy.

They must purchase a report from the credit report companies.

A database is maintained for all licensed lenders.

Credit reports are sold by the three major companies to lenders for a total revenue of more than $4 billion per year.

What is the primary way to improve your credit score?

Pay your bills on time.

Pay off all of your debt.

Never use your credit cards.

Credit scores are weighted such that 35 percent of the score is based on your payment history. As you continue to pay your bills on time, your score improves.

The federal government grants you access to how many copies of your credit score per year?

one report every fiscal quarter

one report per year

one report per year from each company

You have a legal right to one copy per year from each of the three credit reporting companies.

What are the credit companies legally required to do in cases of suspected credit fraud?

They must rework your credit score.

They are required to report their suspicions to you.

They are obligated to suspend your credit activity until the matter has been resolved.

Federal law requires that the credit rating companies report cases of suspected fraud to the consumer.

What is the only place to get a completely free copy of your credit report?

What percentage of Americans are likely to check their credit reports in a given year?

25 - 30 percent

30 - 50 percent

50 - 75 percent

Even though the information is available and free, a Gallup poll found that only 28 percent of Americans are likely to check their credit scores.

The Federal Trade Commissions suggests avoiding identity theft by which of these methods?

Only request your credit report via registered mail.

Only request your credit report from your bank.

Only acquire your credit report through the ACRRS.

Giving out your social security number and other personal information makes you susceptible to identity theft. If you want a copy of your credit report, you should get it from the ACRRS.

When you receive emails, pop-ups, and other online offers for a credit report what should you do?

Politely request that you be removed from their mailing list.

Ignore the advertisement.

Refresh the web browser.

Responding in any manner to these offers puts you and your computer at risk. Avoid scams and viruses by ignoring these offers.

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